Uber Shares Drop 6% as Weak Forecast Overshadows Strong Bookings
Uber’s revenue rose 12% to $14.2 billion, but a weaker third-quarter bookings forecast and lower profit outlook sent shares down 6%, Bloomberg reported.
- Uber shares fell 6% on Wednesday, marking their worst day in six months, after the company guided third-quarter bookings to $59.25bn, missing the $59.33bn analysts expected.
- Despite strong financial results, the outlook miss overshadowed Uber's 12% revenue growth to $14.2bn and 24% gross bookings jump to $58bn, while the company committed more than $10bn to autonomous vehicle partners.
- In London, Uber and British startup Wayve won licenses from Transport for London to operate supervised robotaxis, with Wayve running up to 15 electric Ford Mustangs on a one-year trial.
- Waymo plans to end exclusive deals in Atlanta and Austin by early 2028, opting instead to sell rides directly on its own app rather than through Uber's platform.
- Chief Executive Officer Dara Khosrowshahi maintains Uber is building "one of the most valuable positions in the AV ecosystem," arguing ride-hailing demand stays "really strong" despite market skepticism.
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Stock Market Today, Aug. 5: Uber Falls 5% on Weak Guidance Despite Strong Bookings Growth
Uber Technologies (NYSE:UBER), a global ride-hailing and delivery platform, closed at $68.18, down 5.29%. Shares fell after second-quarter results showed bookings and profit topping estimates, but third-quarter guidance missed expectations. Investors are watching earnings and bookings guidance next. Trading volume reached 46.2M shares, coming in about 125% above its three-month average of 20.5M shares. Uber Technologies IPO'd in 2019 and has gro…
Uber CEO Sees No Sign of Consumer Slowdown
Uber Technologies shares dropped after the company issued a bookings outlook that just met analyst estimates. Trips volume also fell short in the second quarter. Uber Chief Executive Officer Dara Khosrowshahi remains confident though and says there are no signs of a consumer slowdown. He also talks about expanding robotaxi partnerships in the US. He speaks to Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)
Uber doubles down on robotaxi plans, shares fall on weak profit ...
Uber beats on Q2, but robotaxi worries sink its stock
Uber wants to own the robotaxi era without building the cars. “Building a great autonomous driver is one part of building a successful autonomous business,” chief executive Dara Khosrowshahi told analysts on Wednesday. He then listed the rest: dispatch, fleet operations, charging, insurance and regulators. It is a bet the company is spending billions to […] This story continues at The Next Web
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